S&P lifts Sinochem Hong Kong

Standard & Poor's said it raised the long-term corporate credit rating on Sinochem Hong Kong (Group) Co. Ltd. to BBB+ from BBB.

The outlook is stable.

S&P also said it raised the rating on the company's outstanding senior unsecured notes to BBB+ from BBB, along with the long-term Greater China regional scale rating on the company and the notes to cnA+ from cnA.

The agency also said it removed the ratings from CreditWatch, where they were placed with positive implications in November. S&P also affirmed the A-1+ and cnA-1+ short-term ratings on the company's commercial-paper program.

Sinochem Hong Kong is considered to be a core member of the Sinochem Group, S&P said.

Extraordinary government support for the parent is likely to flow to Sinochem Hong Kong in case the company comes under financial distress, the agency added.

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